New personal finance manager wins £ 1.15million as he plans overseas expansion
Lumio raised the majority of funds in a crowdfunding campaign on Crowdcube.
Image source: Charlie Richardson (center) / Lumio.
Automated personal finance manager Lumio has raised Â£ 1.15million in seed funding.
FinTech, which featured in AltFi’s 2020 Festival of Finance Pitch Off, raised fresh money from a host of angel investors such as Matteo Berlucchi, CEO and founder of the self-care app Healthily (formerly Your.MD), William Frewen, Richard Fearn and former Hargeaves Lansdowne investor Ben Lundie.
Lumio raised most of the money in a crowdfunding campaign on Crowdcube, in which nearly 1,300 crowdfunding investors participated.
Following its latest increase, Lumio plans to use the money to expand its products and grow its customer base, with hopes of reaching one million users by 2024.
Charlie Richardson, Founder and CEO of Lumio, said: âAfter 12 hectic months, it’s an incredible start to 2021 by shattering our fundraising goal and most exciting of all, welcoming over twelve hundred new investors from crowdfunding to join some of the UK’s biggest investors. successful angel investors, as Lumio Investors. “
âThe funds will be used to achieve product-market fit, accelerate product intelligence and personalization, and grow Lumio internationally. “
Founded by Charlie Richardson, Adrian Shedden and Tom Richardson, Lumio gives clients the big picture of their finances by connecting all their accounts in one place and helps them get the most value from their money.
Using open banking-based direct deposit, Lumio helps customers get the most from their money, while boosting their financial well-being and knowledge.
Although still in its infancy, Lumio has already partnered with some of the biggest names in fintech.
In April 2020, fintech partnered with PensionBee to give its clients the option to add a PensionBee pension to their Lumio account, going one step further to help users get a complete view of their finances in one. application.
UPDATE 03-15-2021 – An earlier version of this article incorrectly stated that Lumio’s increase was Â£ 1.5million.